Fischer-Tropsch synthesis is a promising route for production of light olefins via CO hydrogenation over transition metals. Co is one of the most active metals for Fischer-Tropsch synthesis. Some different variables such as preparation parameters and operational factors can strongly affect the selectivity of Fischer-Tropsch synthesis toward the special products. In the case of preparation variables, several parameters such as catalyst preparation method, effect of different supports, and influence of promoters have been studied. Also, some operational factors including pretreatment conditions and experimental parameters such as temperature, pressure, and H2/CO ratio have been investigated. In addition, the stability of the Co-based catalyst is one of the most important characteristics. Therefore, catalyst deactivation is the main phenomenon and should be considered and controlled during the CO hydrogenation over the Co-based catalysts. Several factors such as poisoning, sintering, etc., lead to catalyst deactivation. According to the above-mentioned parameters and variables, we present here a review of Fischer-Tropsch synthesis for production of light olefins over the Co-based catalyst in a micro- fixed-bed reactor.